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. >> hello, i'm larry kudlow. in our taxing america segment, we'll talk with welt for the common good. they want to repeal the tax and they say they want to pay their fair share. >> and i'm melissa francis, we'll talk live with the ceo of virgin america and get his take and, you guessed it, the baggage fees. we love it. this is "the call" on cnbc. >>> okay, well, here you go, not a great way for the earning season to start. alcoa missing its revenue forecast and wall street taking notice here. stocks falling with intel up next reporting after the bell this afternoon. the dow back below 11,000. take a look. but it has been creeping up just a little bit there. we're down 32 off the lows of the session down 0.3% there. s&p 500 also seeing some downside but, again, bouncing off the lows. the nasdaq in the red down 7 points and 25% loss there. oil is falling below that key 83 support level. that's one to take note of today. $82.72 per barrel right now. we want to head over to our pal bob pisani at the new york stock exchange. >> we're overalcoa. disappointment, but the big story is going t
of a criminal probe here. s&p equity cut it to a sell and bank of america and merrill lynch cut it to a neutral this morning and see it down another 7% and all the other financials are weak here, as well. they're also concerned about any criminal porobes of any kind. finally, massey energy, third company here involved in difficulties here. there are reports of criminal investigation, i say reports regarding that mine explosion in west virginia that happened about three weeks ago. all of this weighing on the market. people don't know exactly what's going on. good news follow up on the home builders. generally orders have been improving here. horton 55% improvement overall in the net orders. that's an excellent metric and generally they have been improving. ryland one of the companies only disappointing. chevron same story here. higher oil prices have helped the upstream production but good news in chemical and even, larry, refining is starting to get better and you know what a disaster that has been for a while. >> investors are digesting a lot of important economic data today, manufacturing, co
%. trish, over to you. >>> jpmorgan chief jamie dimon speaking out. bank of america, wells fargo, take a look, all trading up. jpmorgan chase really leading the pack. they're up better than 1%. excuse me, citigroup up 2%. mary thompson joins us with more on dimon's pretty strong words. >> this, of course, comes from the annual letter to shareholders and if you heard jamie dimon speak at the company's annual meeting all these words have a familiar ring. as he has for about the last year and a half, he defends his bank saying it and other healthy firms shouldn't be lumped in with other unhealthy banks. he encourages cooperation that it is necessary to avoid making the mistakes that lead to the financial crisis to avoid making those mistakes again. dimon uses a 36-page letter to point out in the current political environment, size has been demonized, writing capping the size of america's largest banks won't change the needs of big business and there aren't big u.s. banks to serve them, he warns these companies are going to turn to foreign banks. he also calls for a time-out saying we have
people trying to get out of these municipal bonds. >> dean, there are no failures in america. >> okay, larry. >> greece, portugal, spain, illinois, new york, new jersey, california. >> we can just continue to sweep this under the rug for as long as we want to. >> everybody's too big to fail in this country. you know that, my friend. >> we just print more, right, larry? >> print, bail out and whatever. government control. and then just to soak it all up -- >> we never actually have to pay these bills. >> we'll never pay them. we're just like europe. you we're going to have a value and a tax across the board. this is america. 21st century america. >> i think i'm going to move to bermuda. >> let me make a suggestion, then. >> pardon my cynicism. >> go ahead. real quick. we're going to go. make a suggestion. >> my suggestion is that you stick with someone like a franklin, some of the really big bond houses that have very big pulls. if you do have some defaults, the default rate is historically very low, but if you did have some your investors would be protected and those retirees could ge
growth in north america, as well as europe. the important thing is there are all the major stocks from basic chemical group and dupont had excellent guidance and now you had dow chemical and dupont. finally on corning, a slightly different space. the important thing here, tv sales are improving around the globe and corning's numbers have been terrific and they talk about big global growth. they are essentially sold out on their glass business. that's what one analyst at bucking hm said this morning. >> thank you so much, bob pisani. >>> we have breaking news we want to go to a more than $7 billion utility takeover is in the works and our own david faber is reporting that ppl corporation is close to buying german unit eon. the company said it could neither confirm nor deny the report. ppl shares are moving lower, hitting a new 52-week low on the news right there. larry, over to you. >> thanks, trish. >>> europe's growing debt crisises putting pressure on policymakers to expand a bailout package beyond greece. the greek two-year note is trading at just about 18%. my goodness. cnbc's caro
, right? >> remember, if you're buying for 30 years and you believe in america, you still would buy a home. interest rates are very low. interest rates being low, you're buying it for very cheap. if you buy for five years can compare the cost of renting, you don't have any fees or roof repairs or taxes comparing to buying now for five years. >> not going to go up 20%. >> my crystal ball at least goes out five years unless you're getting an incredible deal. which if you work hard enough unlike in stocks, insider trading and real estate is condoned. >> if you're renting and you put an option to buy, that's my point. if you already need to rent, put an option to buy. >> thank you for joining us, we really appreciate it. >>> blackstone group and continental sinking today. >>> up next president obama near wall street this hour to make his case for overhauling our financial system. we'll head live to the cooper union in lower manhattan for cnbc special coverage. >>> welcome back, everyone. president obama in new york city at this hour preparing to go into the lion's den. he is getting ready to s
heard that this morning from bank of america, discover regarding their march credit portfolio. financials, bank of america going to be reporting tomorrow and our parent company, general electric and also be reporting tomorrow. we'll put them in the financial group for the moment. the important thing here, both of them are on the upside ahead of the earnings. that's a good sign. a sign that earnings think traders are going to be pretty good. citigroup over $35 here. that's important, again. options exploration going on tomorrow. jpmorgan down just a little bit, but just off of the highs we saw. some of the big transportation stocks and positive comments from united parcel service and jb hunt and landstar all talking better shipments. finally, take a look at the s&p 500. you know one trader this morning said to me, this was like a tennis match back and forth and now it's just like an elevator, basically straight up. an ocean of cash coming into the market in the last few weeks. look at the s&p 500, up 15% since february 9th and just very few down days and not a lot when they're
portfolio with that in mind. >>> plus, it's america's most expensive home and it's up for sale for a whopping $150 million. we're going to take you for a tour. i can't wait. you're watching cnbc first in business worldwide. >>> a major setback for greece. europe says its deficits are much larger. euro versus the dollar. you can see, actually, 1.33 and euro off the bottom there. but a steep sloping decline. silvia has the fallout. silvia, what can you tell us? >> what we know is that greece has now finally applied for aid. how do we proceed now? they have to evaluate this request and then say whether they agree it's right or wrong. that's a foregone conclusion. next step, the 16-own member states will have to give their okay. let's hope that is a foregone conclusion and then we have to have a restructuring program on the table for the next two years which everybody thinks is putting greece on the right track and then we have a number of eu parliaments actually having to okay this program. you see where we're going to, this is not something that is going to happen overnight. and
and economies are bubbling all over that region. singapore a 13% rate and south america has promising areas, as well. i think that investors have plenty of places to look. >> so do you think then, gary f we continue that thought the fed might be overreacting so reluctant to move because of europe? >> great point. >> that's a tough call. overreacting or not, i think that they are encouraged to stay very accommodative for the rest of this year. i don't see the fed changing that very much and i think consequently the environment for equities particularly in the more promising economies is very strong and i think particularly the financial sector and the interest rate curb and the yield curb is very positive and i think that will support a lot of the financials around the world. >> all right, free money forever, at least in the short run. great for stocks, thank you very much, gentlemen. >>> still ahead here on "the call." the amount of oil gushing into the gulf of mexico may be much bigger than originally thought, five times as big. we're going to head to new orleans for the latest and get a s
looking for. they were up. once again, it seems that is here in north america, we're not drinking the soft drinks, as much. shares are getting hit just a bit. revenues fell shy at $7.5 billion. what's interesting is to see where the sales come from. the world sales, the volume was up 3% and latin america was up 4% and the pacific rim 5%, but take a look at eurasia and africa, emerging markets, 20% to the upside and india up 18% in turkey. here in north america, volumes are down 2%. i don't know if it has anything to do with the fact that one of our friend sworn off diet coke and some of the other noncarbonated sales are doing a little bit better. the ceo says the economic recovery is going to be moderate and consumers not completely out of crisis mode. >> still very cautious. >> they're not necessarily -- >> but strong global. >> strong global. that's where we're seeing it in the emerging markets. johnson & johnson also seeing strong sales globally. they saw their revenues were up about 4%. when you traake out the currenc it's up year over year. cutting their earnings outlook and they say
's go to policy director for americans for prosperity. phil, this is america. land of the free. home of the brave. if you're not t.a.r.p.ed, why shouldn't you get what you get? >> i agree 100%, larry. i think executive compensation would be determined by the market. it should be determined by competition. i think that the lot of the problems we've had have been the unforeseen consequences of early government interventions. look at the clinton era cash salary cap of $1 million, led to a lot of the use of stock options that later derided after they forced them to be used through that cash salary cap. i think we're going to see a lot of problems with the new restrictions being put in both by the pay czar and health insurance companies in this new bill. i think the fear of ken feinberg has had a chilling effect on wall street that's been very damaging. in a broader political sense, look at wall street during this health care debate, we got a capital gains and dividend tax hike of 3.8% coming in 2013 without a peep out of wall street. i think a lot of that has to do with fear that there c
at merrill lynch, look at bear stearns, look at citi bank, bank of america, proprietary trading was at the heart of huge losses in their positions. i would just argue the presumption is an error. >> senator, you talk a lot about cracking down on conflicts of interest regarding wall street trading. okay. fair thuf. let me just ask you, though, with respect to goldman sachs in these e-mails where they went short and they hedged their mortgage position, isn't that the business they're in? i mean, don't they owe that to their shareholders? isn't that what they should have done as a prudent business decision? >> well, if you're hedging your own position, that's one thing. but if you are selling securities and recommending it to your client while internally you're betting that those will go down, that is enormous conflict of interest that can lead to the design of products basically mislead your customer. that should be off the table. that shouldn't be happening. the goldman discussion highlights that. >> there's an issue of the timing. when they started buying them, they didn't reali
's concentrate for a moment on the fundamentals. because, once again, we had jp morgan, we had bank of america, now citigroup, notably improved numbers. take a look at what's going on here. first off, and this is very important, it wasn't just fixed income trading strength. yes. we had that from everybody. but, look, charge offs down 16%. nonperformsing assets down 10%. this is the early stage stuff. expenses were down 6% as well. all the numbers are working in the right direction here. let's take a look at citigroup intraday. citigroup, by the way, trish, may trade as much as they did on friday. i think they traded 1.8 billion shares on friday. already heading towards 900 million shares today. the rest of the main financials here, the important thing is, they're all basically turned around here. citigroup, bank of america is up. jp morgan down a little bit. goldman continuing down about 1%. considering what happened on friday, that's pretty modest here. i would say that given the concerns on friday, the -- basically we are trading sideways here today. >> the fundamentals on these banks certai
on how foreclosure crisis has changed america's attitude on home ownership. >>> new 50% tax rate for earners to help the country dig its way out of debt. anyone heard of stopping spending? should the u.s. follow suit? >>> toyota is facing a record $16.4 million fine from regulators saying the automaker delayed a recall for defective accelerator parts and tratding down on the session. larry? >> all right, fannie mae out with its housing survey to gauge how the real estate crash has affected consumer attitudes towards housing. this, as we head into the crucial spring selling season. so, what do americans think about walking away from under water mortgages? owning a home as an investment and the government's housing bailout? well diane olick joins us with fannie mae chief economist first on cnbc. hello, diana. >> hello, larry. this is a one of a kind look at where consumers stand on housing and joining us is fannie mae chief economist bob duncan. i want to get to this survey. it's really fascinating. 73% of those you surveyed said they believe home prices will either stay as they ar
and why they make sense for america. we're very excited for it. >> tell you that right now, stimulus the economy. all right, well, we look forward to that. see you tomorrow at 9:00 a.m. >> time now for "the call." >>> hey, good morning, everyone. welcome to "the call." i'm trish regan live at the new york stock exchange. a market getting a boost from a couple of things, strong retail sales suggesting perhaps the consumer is back. strong earnings numbers from jp morguen and we'll discuss it and what it means for your money. >> i'm larry kudlow. ben bernanke testifying on capitol hill and we'll tell you if he's ready to move up the ti timetable on raising interest rates. >> i'm melissa francis. bothered by government waste, the annual book on pork spending is out. you won't believe how congress spends your money. this is "the call" on cnbc. >>> more positive news for investors to cheer about. retail sales raising more than expected in march as consumers stepped up spending and on the corporate front both intel and jpmorgan reporting better than expected earnings. right now the s&p 500
america? joining us now to discuss this important subject is kathleen mann professor and matt, fellow at center for american progress action fund. catheri catherine, start with you. do we want to go down the european road with outsized spending and taxing? >> well, i think it's instructive to go back to 1985 when volcker was advisinadvisinn about the magnitude of his deficit and talking about the same thing back then. you have to figure that volkcer is consistent, i think. taxes are part of the equation and the value-added tax, that's not my choice. >> yeah, matt, let's build on that. why wouldn't we just cut spending here? i mean no matter what multiplier you believe in, why wouldn't you consider that? >> no one is saying we shouldn't consider cutting spending and the obama administration has been looking at certain programs ineffective but primarily the government spend money because they spend money on things that are valuable. we're looking at the future and increased number of senior citizens. unless we take their social security checks away, we'll have to find revenue to pay for
a little weak, but good news the other day from jp morguen and great earnings from bank of america and for this to come out put a damper on the whole sector. >> we just saw that the "wall street journal" was saying on the headline the other day essentially the banks had recovered and people were breathing a sigh of relief and now this. one of the big questions and we keep coming back to this, how many people or rather how many institutions could potentially see other complaints like this? i mean, we know that everyone -- >> it really does open up the door perpetually at this point. i don't want to get carried away here. we had an incredible run in the market and this could be one, two, three day or a three-month process. but i think that you're seeing these marquise names really being cut into today to an extreme level. i think the south side was looking for a reason to lock in profits and we are on a friday and this is a major headline. >> we had seen the banks had an extraordinary run here. we are clearly seeing people decide at this point that whatever the headline and let's tak
his airline and never mind it's smaller than united, he took a smaller america list and built it into usairways and usairways is the fifth largest airline in the country. united wants the size that would come along with a merger to better compete with delta particularly for those corporate customers and the hub overlap in washington, chicago, that's a potential conflict that ultimately could shed some gates there to make this work in the eyes of washington. what about continental? you'll hear people talk about the idea that united and co continental were in talks. they are watching this and they'll see what happens here and they already went down the path of mother-in-lawer with united once and decided it wasn't going to work and that said, you're going to hear a lot of industry analysts say look for united try to bring continental into the game. >> i suspect united has been banging on continental's door repeatedly over the last six months and i think, clearly, they're trying to let continental know you might be left out if you don't come to the party. so, i think this could b
economy, how many jobs in america are linked to the bloated and ridiculous tax code that we have? it might be bloated and ridiculous. >> is that necessarily a bad thing? you wonder about the revenue side and fairness. when was the last time we had significant tax reform in this country? it's been a long time. >> have we ever? >> yes, bill bradley back in the '80s. >> ronald reagan. >>> good morning, everyone. welcome to "the call." i'm trish regan. 90 minutes into trading where we are watching this market march closer and closer to 11,000 on the dow. stocks are up, commodities are on the rise. why isn't this market doing even better, you might ask. we'll talk about it. >> haveila a little patience, trish. walmart is cutting thousands of items in its stores. we'll discuss whether it's a sign of strength or weakness. >>> plus, fed president bill dudley says the fed should stop asset bubbles before they burst. can they? we'll discuss that, too. this is "the call" on cnbc. >>> all right, the dow is, once again, moving towards 11,000. this is as commodities push higher and more signs the econom
Search Results 0 to 18 of about 19